Popular Standardized Medicare Supplement Plans
Popular Medicare Supplement Plans
It’s important to note that these plans apply to most states but Wisconsin, Massachusetts, and Minnesota have exceptions.
While there are 10 different Medicare supplement plan letters available to purchase, there really are just a few that make the most sense due to their great coverage and low premiums. Not every insurance company is required to offer every plan letter, but most offer the three most popular plans. These are Plan F, Plan G, and Plan N.
Medicare Supplement Plan F
Plan F has long been considered “the best” plan by many agents and those on Medicare because it pays 100 percent of the gaps in Medicare. This means all of your Medicare-approved expenses are paid and you won’t receive any medical bills.
With Plan F there are:
- No Co-pays
- No deductible to pay
- No coinsurance – Never get a bill
The main issue with Plan F is that the premiums are too high for the one extra benefit that you receive on this plan over Plan G. That one benefit is that Plan F pays all of your expenses including the annual Part B deductible. For 2021 this deductible is now $203. What this means is, before Medicare pays anything, someone or some supplement plan must pay the first $203 of medical bills. After this deductible is met, then Medicare starts paying as does the supplement.
The problem is, the premiums for Medicare Supplement Plan F are almost always higher than $203 for the year. This makes Plan G a much better option. You pay your Part B deductible yourself and save money.
Medicare Supplement Plan G
As mentioned above the difference between Plan F and G is just who pays the annual Part B deductible. On Plan G you pay this yourself. Once this is met Plan G will pay 100% of the gaps or expenses that Medicare Part A and B do not cover. Plan G has also historically had lower rate increase than Plan F, making it one of the very best choices for people on Medicare.
Remember, with Plan G you just have one expense which is the Part B deductible. This amount is $203 in 2021. You pay this once per calendar year. After that it works just like a plan F with 100 percent coverage!
Medicare Supplement Plan N
Plan N is quickly becoming one of the most popular plans as well due to its low premiums. People who are healthy but wanting a supplement plan should absolutely consider Plan N as the coverage is outstanding. It has premiums lower than both Plan F and G, with just a few more out-of-pocket expenses.
With Plan N:
- You still pay the annual Part B deductible just like Plan G
- After the deductible is met, you might have a small co-pay each doctor’s visit (Never more than $20 though)
- If you visit the ER on Plan G and you’re not admitted to the hospital there is a $50 co-pay
- There is the chance you might be billed Part B excess charges, however most doctors do not charge these
Again due to the low premiums of Plan N you will definitely want to check the rates to see if this is a good option for you.
Contact me for advice on finding which plan best fits your unique situation.
Mike Lovell
608-571-4461